A. Subject to availability of appropriated funds, an employee of the state or any political subdivision, serving in a position determined by the law enforcement merit system council, the director of the department of administration, the board of regents, the state board of directors for community colleges, the board of directors for the school for the deaf and the blind or the governing body of a political subdivision, in the discretion of such board or body, to be eligible for overtime compensation who is required to work in excess of such person's normal work week, shall be compensated for such excess time at the following rates:

1. One and one-half times the regular rate at which such person is employed or one and one-half hours of compensatory time off for each hour worked if overtime compensation is mandated by federal law.

2. If federal law does not mandate overtime compensation, the person shall receive the regular rate of pay or compensatory leave on an hour for hour basis at the discretion of the board or governing body.

B. Notwithstanding the provisions of subsection A, the state or a political subdivision may provide, by action of the law enforcement merit system council, the board of regents, the state board of directors for community colleges, the board of directors for the school for the deaf and the blind or the director of the department of administration in the case of the state or of the governing body of the political subdivision, for a work week of forty hours in less than five days for certain classes of employees employed by the state or the political subdivision.